Bitcoin Cash: More than 99% of BCH’s market cap was moved on its blockchain in the last 24 hours

2019-05-18

Roger Ver considers Bitcoin Cash to be the actual Bitcoin due to its superiority in comparison to Bitcoin, in terms of transaction settlement time, scalability, and privacy.

Bitcoin Cash’s transactions are far more superior than Bitcoin’s due to the implementation of Schnorr Signatures by the former. However, due to various changes in Bitcoin Cash’s blockchain, it is far better than Bitcoin, especially when it comes to transaction and scaling. At press time, Bitcoin Cash was priced at $357 with a market cap of $6.35 billion and was the fourth largest cryptocurrency in the world, just below XRP.

In the last 24 hours, Bitcoin Cash blockchain witnessed 99% of its market cap moved, according to Bitinfocharts.

Source: Bitinfocharts

This would imply that Bitcoin Cash worth $6.34 billion was moved in the last 24 hours, which is approximately 17.67 million BCH, almost equal to the circulating supply of Bitcoin.

In comparison to Bitcoin, only 8% of BTC’s market cap was moved in the last 24 hours, which is worth $10.85 billion, far higher than that of Bitcoin Cash. From the charts, an average of 62,136 BTC was sent while Bitcoin Cash averaged about 736,313 BCH in an hour.

Bitcoin Cash network faced a scheduled upgrade on May 15, which implemented Schnorr Signatures, which will improve Bitcoin Cash’s privacy and security. However, on the scheduled date, the network faced an attack, who exploited a bug that produced blocks with very small number of transactions in it.

BitMEX research reported on the same as they tweeted:

Bitcoin Cash – The hardfork and all the events summarized in one picture

In the below image we have attempted to illustrate all the relevant events: